大摩指，需关注的关键因素包括需求弹性、金价走势、老铺和商场的促销力度。由于集团较高的竞争基 数、2026年在中国市场放缓门市扩张的策略，大摩预计由今年下半年起，集团的增长将逐步恢复正常 化。 摩根士丹利发布研报称，老铺黄金(06181)8月25日将产品价格调高5%-12.5%，大部分产品价格调涨约 12%。大摩认为，这将使集团毛利率从2025年上半年的38.1%升至调价后的44.7%，高于市场对其下半年 39.5%的普遍预期，维持"与大市同步"评级和目标价925港元。 ...

大摩指，需关注的关键因素包括需求弹性、金价走势、老铺和商场的促销力度。由于集团较高的竞争基 数、2026年在中国市场放缓门市扩张的策略，大摩预计由今年下半年起，集团的增长将逐步恢复正常 化。 智通财经APP获悉，摩根士丹利发布研报称，老铺黄金(06181)8月25日将产品价格调高5%-12.5%，大部 分产品价格调涨约12%。大摩认为，这将使集团毛利率从2025年上半年的38.1%升至调价后的44.7%，高 于市场对其下半年39.5%的普遍预期，维持"与大市同步"评级和目标价925港元。 ...

点评：上海市商业性个人住房贷款利率定价机制优化调整，从不再区分首套和二套住房的利率定价机制 可以看出，这一调整有助于进一步规范市场竞争，稳定房地产市场。政策调整强调利率根据银行经营状 况与客户风险状况定价，凸显了利率市场化的趋势。 点评：中国人民银行、金融监管总局与国家林草局联合发布的《关于金融支持林业高质量发展的通知》 是对中国林业行业的重大政策支持，反映了政府对生态建设的重视以及利用金融工具促进其发展的决 心。通过创新林权抵押贷款和优化金融服务，政策为林业企业与投资者提供了更广泛的融资渠道。 NO.2 上海：优化调整商业性个人住房贷款利率定价机制 8月25日，上海市住建委等六部门联合印发《关于优化调整本市房地产政策措施的通知》。为减轻居民 购房利息负担，《通知》明确优化个人住房信贷政策。银行业金融机构根据上海市市场利率定价自律机 制要求和本机构经营状况、客户风险状况等因素，在利率定价机制安排方面不再区分首套住房和二套住 房，合理确定每笔商业性个人住房贷款的具体利率水平。 每经编辑｜张益铭 ｜2025年8月26日 星期二｜ NO.1 三部门印发《关于金融支持林业高质量发展的通知》 近日，中国人民银行、金融监 ...

8月25日，上海迪士尼度假区宣布，10月中旬起，为给游客提供更多灵活选择，上海迪士尼乐园将在现 行的475元~799元票价区间内增加更多中间票价等级。在最高票价和最低票价保持不变之余，度假区将 继续为游客提供提前30天的滚动价格日历。 每经记者｜丁舟洋 每经编辑｜文多 丨 2025年8月26日 星期二 丨 NO.1 上海迪士尼乐园将调整票价结构 点评：上海迪士尼面临的不仅是理性消费，还有本土乐园的性价比冲击。通过中间票价拓展价格带，既 能巩固高端客群，又能下沉至中端市场，形成对不同消费能力群体的全覆盖。 NO.2 优衣库产品线扩容 盯上男士暖冬市场 官宣奥斯卡影后凯特·布兰切特出任全球品牌大使、将LABUBU搬上UT系列（优衣库印花T恤）、在上 海举办"2025秋冬新品展会"⋯⋯近日，优衣库动作频频。记者在优衣库2025秋冬新品会现场了解 到，"9%羊绒混纺"系列的保暖内衣今年首推男款，"PUFFTECH"空气棉服全新推出时尚背心系列。 NO.3 老铺黄金涨价 点评：从邀奥斯卡影后任品牌大使破圈高端化，到牵手泡泡玛特切入Z世代，优衣库展现多元营销策 略。其产品也有新突破，保暖内衣丰富产品线的举措契合男性消费市 ...

8月25日，两家老铺黄金门店店员告诉智通财经记者，产品已完成调价，涨幅约在10%至12%，"具体涨 价幅度要看具体产品，也有一些产品可能低于这个幅度，但总体来看是10%至12%。"8月15日，老铺黄 金微信公众号发布调价预告，将于8月25日进行产品提价调整。产品调价详情，以线上线下门店产品实 际标价为准。当时，有门店员工表示："老铺黄金每年会进行2-3次价格调整，今年只在2月调过一次， 现在国际金价对比2月金价，已经上涨100元左右。"（智通财经） ...

Core Viewpoint - The article highlights the significant consumer demand for Lao Pu Gold ahead of its price increase, indicating a strong market positioning and consumer perception of gold as a hard currency asset rather than just a luxury item [1][9][13]. Group 1: Consumer Behavior - On August 24, a long queue formed at the Lao Pu Gold store in Beijing SKP, with estimates of over a hundred customers waiting to purchase products [2][4]. - Consumers reported waiting times of 1 to 2.5 hours to complete their purchases, with many motivated by the impending price increase [9][10]. - The upcoming price hike, expected to be around 10% to 15%, has driven consumers to buy now to save money [9][10]. Group 2: Financial Performance - Lao Pu Gold reported a remarkable half-year performance with a profit of 22.68 billion yuan, reflecting a year-on-year growth of 285.8% [1][10]. - The company’s sales for the first half of 2025 reached 141.82 billion yuan, marking a 249.4% increase compared to the previous year [10]. - Despite a slight decline in gross margin to approximately 38.1%, this figure remains significantly higher than competitors like Chow Tai Fook, which reported a gross margin of 29.5% [10]. Group 3: Brand Positioning - Lao Pu Gold aims to position itself as a luxury brand, with over 77% of its consumer base overlapping with that of high-end brands like LV and Cartier [11]. - The brand's strategy includes regular price adjustments, aligning with luxury market practices to create a sense of scarcity [10][14]. - While consumers appreciate the craftsmanship and brand narrative, many still view Lao Pu Gold primarily as a gold retailer rather than a true luxury brand, indicating a need for further differentiation [13][14]. Group 4: Market Trends - The rise of brands like Lao Pu Gold signifies a trend towards the refinement of gold jewelry, appealing to specific consumer segments with high-value products [14]. - The challenge remains in transforming gold jewelry into a luxury category, as consumer perceptions are deeply rooted in the intrinsic value of gold [14]. - The evolution of production techniques and design capabilities in China is expected to drive the market towards more niche and high-end offerings [14].

事实上，"港股消费三姐妹"之一的泡泡玛特在2025年上半年也获得了营收、净利润的双双大涨，同比增 长均超200%。为何由"港股消费三姐妹"共同撑起的"新消费"阵营，最能捕获消费者和投资人？ 单店平均营收3亿元，会员半年猛增13万 去年6月，老铺黄金正式登陆港股。记者翻看其招股书和财报注意到，近三年，老铺黄金中期业绩均实 现翻倍增长。 坚持直营、开在多地头部商圈的老铺黄金，拓店速度其实并不快，但每家店都非常挣钱。 记者注意到，报告期内，老铺黄金在国内一线城市（北京、上海、深圳）新增4店。同时，位于深圳罗 湖万象城、厦门万象城的门店完成扩容升级。公司表示，新开及优化门店的贡献预计将继续在2025年下 半年逐步体现，为收入和利润带来进一步增长动力。 截至2025年6月30日，老铺黄金自营门店数达41家，入驻全国29个头部商圈。按照其营收业绩估算，今 年上半年，单个商场平均销售4.59亿元，单一门店平均营收达到3亿元——这一成绩已远超传统黄金珠 宝品牌，甚至跑赢一些奢侈品牌。 并非止步于国内，老铺黄金已启动海外市场布局。2025年上半年，老铺黄金在新加坡金沙购物中心开出 首店。据摩根大通数据，老铺黄金新加坡门店开店的 ...

Core Insights - Laopu Gold announced a price adjustment scheduled for August 25, 2025, indicating a proactive approach to pricing strategy [1] - The company previously raised prices in February 2023, with an increase range of 4-12% across various products [1] - Laopu Gold typically conducts 2-3 price adjustments annually, reflecting its adaptive pricing model in response to market conditions [1]

Core Viewpoint - Laopuhuang (06181) is experiencing significant stock price appreciation, with a nearly 5% increase towards the end of trading, attributed to upcoming product price adjustments and strong anticipated mid-year performance [1] Group 1: Stock Performance - Laopuhuang's stock rose by 4.5% to HKD 790, with a trading volume of HKD 877 million [1] Group 2: Price Adjustment Announcement - On August 15, Laopuhuang announced a price adjustment, set to take effect on August 25, with details based on actual pricing in online and offline stores [1] Group 3: Mid-Year Performance Expectations - The company expects mid-year revenue to be between RMB 12 billion to 12.5 billion, representing a year-on-year growth of approximately 241% to 255% [1] - Net profit is projected to be between RMB 2.23 billion to 2.28 billion, indicating a year-on-year increase of about 279% to 288% [1] Group 4: Market Analysis - Tianfeng Securities highlights that Laopuhuang's brand strength has been validated, with expanding brand influence driving exceptional growth in performance, which is rare in the current domestic consumption environment [1] - The high-end market conditions, including rising gold prices and seasonal shopping activities, have contributed to sustained high demand at Laopuhuang's retail locations, further boosting performance [1] - The company is recommended for monitoring during the August sales peak and potential price increases in the second half of the year [1]

Group 1 - The company, Laopu Gold, announced a price adjustment for its products, which will take effect on August 25, 2025 [1] - The details of the price adjustment will be based on the actual marked prices of products in both online and offline stores [1]